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Property Management, Law & Practice: Scenario Report - Essay Example

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Property Management, Law and Practice (Name) (Institution) (Subject) (Tutor) (Date) Property management entails maintaining assets in proper condition to enable businesses to run smoothly in a secure and safe environment (Ho 2005, p.46). Leasehold ownership of property refers to long-term occupancy of the property with an absolute to enjoyment of the property in accordance to the agreement between the actual owner and the occupant…
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Download file to see previous pages Also, the parties have rights to enjoy from the leased property in accordance the law or as stipulated in the agreement. The property under lease can be sold or purchased during the lease period (Henry, 2012, p.143). Where a manager is appointed by the owners of the assets to manage them on their behalf, the managers are required to maintain proper relationship with the tenants and the landlord (Tuller 2008, p. 76). The property managers should keep owners property in a state that will generate maximum income for the landlord while increasing efficiency of operation for the leaseholders. Managers’ Fairness to Jacks & Co Rent review clauses offers landlords with an opportunity to vary rents payable by the leaseholders after some time, usually three to five years (Blackburn 2003, p.143). This enables the landlords to get the appropriate revenue from their premises. This clause also stipulates the time of making such valuations, the approach to apply when making review, and the assumptions underlying such reviews (Tuller 2008, p.151). In case the parties fail to agree on the new rental terms, they may seek intervention of a third party. Inadequate rent review may result to financial or legal consequences to the parties involved. In order to ensure proper management of property and avoid legal suits between landlord and leaseholder, it is essential for both parties to understand their obligations and the rights their envisaged in the law or in the lease agreement (Ho 2005, p.53). The rights of possession of the leased property include all that is inside the house including the floor walls and the ceiling (Blackburn 2003, p.48). However, the leaser is entitled to ownership of the roof, the land in which the house is built or any other external part of the premise. Legally, the owner of the premises is responsible for maintaining and renovating the structure (Henry, 2012, p.154). The parties to the lease agreement should be able to understand the terms of their agreements before engaging in any form of relationship. This may require them to seek clarification of the lease agreement contents from legal experts (Blackburn 2003, p.49). This is because, once the agreement has been effected, it is not easy to alter the content of the agreement hence parties should ensure that the conditions set in the contract are favourable to their circumstance. According to Landlord and Tenant Act 1954 the owner rather than the occupant is responsible for maintaining the external parts of the building including the roof and the common places shared by all the occupants such as lifts, corridors, lighting, and water system (Ho 2005, p.63). The property owners have obligation to maintain records of the occupants and the contributions they provide towards refurbishment and maintenance of the premises. According to the lease of property regulations, the occupant of the office is responsible for paying the rent of the house as stipulated in the lease agreement (Blackburn 2003, p.53). Therefore, in regard to this issue, all the occupants of the office suites in Birmingham are responsible for paying all rent when due in accordance to the terms set in the contract (Mattei 2000, p.64). The occupants have a responsibility to give a share of the ...Download file to see next pagesRead More
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